US Senator says Federal Reserve should sell some of its gold reserves to buy bitcoin

Republican Senator Cynthia Lummis of Wyoming spoke with CNBC:

• “The proposal that I have and that President Trump has discussed [is] about a strategic bitcoin reserve”
• “This is the gold standard digital asset, and a strategic bitcoin reserve is the way to embed it”
• “We have reserves at our 12 Federal Reserve banks, including gold certificates that could be converted to current fair market value. They’re held at their 1970s value on the books. And then sell them into bitcoin, that way we wouldn’t have to use any new dollars in order to establish this reserve”

The strategic bitcoin reserve idea doesn’t seem to be going away.

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This article was written by Eamonn Sheridan at www.forexlive.com.